Every three shares of the Company's issued and outstanding Ordinary Shares, upon effectiveness of the reverse share split, will convert automatically into one issued and outstanding share of the Company's Ordinary Shares, subject to the elimination of fractional shares, with an increase in the par value per share from $0.00125 to $0.00375. The reverse share split will affect all issued and outstanding Ordinary Shares, as well as Ordinary Shares underlying stock options, restricted stock units, and other Ordinary Share-based equity grants outstanding immediately prior to the effectiveness of the reverse share split. The Company's transfer agent will distribute to shareholders of record on March 21, 2013 instructions regarding how to exchange certificates representing the previously outstanding shares for certificates representing the new issued shares.
No fractional shares will be issued in connection with the reverse share split. Shareholders who would otherwise hold a fractional Ordinary Share will receive a cash payment in lieu of such fractional share based on the closing price of the Ordinary Shares on the NASDAQ Global Select Market on the trading day immediately before the effective date of the reverse share split.
Additional information about the reverse share split can be found in the Company's proxy statement filed with the Securities and Exchange Commission on February 20, 2013, copies of which are available at www.sec.gov or at http://utstarcom.investorroom.com/index.php?s=19.
About UTStarcom Holdings Corp.UTStarcom is focused on providing next generation media operational support services in the rapidly growing markets for TV over IP services and broadband equipment products and services. UTStarcom is committed to meeting the evolving needs of cable and broadband service providers to enable a more personalized entertainment experience. The Company sells its media operational support services and broadband equipment products and services to operators in both emerging and established broadband and cable markets around the world.